The cost involved when choosing between alternatives is known as the

A) marginal cost.
B) sunk cost.
C) opportunity cost.
D) normative cost.

Question

The cost involved when choosing between alternatives is known as theA)  marginal cost.B)  sunk cost.C)  opportunity cost.D)  normative cost.

Taylor McLean · Accepted Answer

Final Answer : C, Explanation :  Opportunity cost refers to the cost of choosing one alternative over another, essentially the benefit you give up by not choosing the next best option.

The cost involved when choosing between alternatives is known as the

A) marginal cost.
B) sunk cost.
C) opportunity cost.
D) normative cost.

Definitions

Learning Objectives

Learning Objectives

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